SPVLSingle Premium Variable Life (insurance)
SPVLSocial Policy Virtual Library (various locations)
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References in periodicals archive ?
When confronted with the choice between selling or purchasing an SPVL or a deferred VA, people often bring up the element of the cost for the "pure" insurance element inherent in the product.
It is tree that an SPVL can be slightly more expensive than a similar deferred VA.
Likewise, since we all need life insurance coverage, it is easy to look at the SPVL's cost of insurance as being little more than the ownership of the same amount of term insurance with the premium being paid with pretax dollars--i.e., from the investment gain on the policy's assets, rather than from the after-tax funds that would otherwise have to be used to pay term insurance premiums.
Therefore, if the SPVL's policy values are needed to secure the policy owner's longevity planning needs, an annuity payout program is always available.
The SPVL is an ideal product to provide the flexibility necessary for financial planning, whether for retirement planning or to provide tax-free assets on death.
As with VAs, the SPVLs are free from current federal income taxes on investment gains, unless there is distribution of contract values prior to death.